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Private life insurer SBI Life Insurance today announced a 14 per cent increase in net profit at Rs 241 crore for the quarter ending June 2014 as against Rs 212 crore during the corresponding quarter last year.
The total premium grew by 17 per cent to Rs 1,676 crore during the period. The collection of renewal premium recorded a growth of 32 per cent at Rs 937 crore over the corresponding quarter last year.
Atanu Sen, Managing Director and CEO of SBI Life Insurance said, “We look forward to achieving 35 per cent growth in gross written premium this fiscal. The recent announcement to increase the cap in FDI investments to 49 per cent will give the insurance industry a much needed boost and will spur a new cycle of growth.”
Assets under management grew by 17 per cent to Rs 61,871 crore as on June 30, 2014, against Rs 52,745 crore as on June 30, 2013.
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